FxWirePro:NZD/USD drifts lower, could be on verge of bigger drop

• NZD/USD   eased on Tuesday  as markets reacted to shifting developments around the Iran conflict and sharp swings in oil prices.

•U.S. President Donald Trump said the war could end soon, which helped calm markets and triggered a sharp drop in crude oil prices.

•Oil futures have continued to fluctuate, trading in a $85.02–$90.23 range, with prices last around $89.19 per barrel.

• The war has effectively shut the strait, stranding tankers for over a week and forcing producers to halt output as storage fills up, sending energy prices soaring.

•New Zealand   heavy reliance on imported energy makes its economy vulnerable to global oil price shocks

 •Markets are now awaiting the U.S. consumer price index for February, due on ⁠Wednesday, ​and Personal Consumption Expenditures (PCE) index - the Fed's preferred inflation ​gauge - on Friday.

•  Immediate resistance is located at 0.5939(Daily high), any close above will push the pair towards 0.5968(SMA 20).

•Support is seen at 0.5903(50%fib) and break below could take the pair towards 0.5874(Lower BB).

 Recommendation: Good to sell around 0.5930 with stop loss of 0.5980  and target price of 0.5860